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MGC94
MGC94
Level 7
March 16, 2024
Question

5498-QA Able Account

  • March 16, 2024
  • 2 replies
  • 11 views

Where do you put Able contributions? 

Also, 1099-MISC Other income from a settlement fund. Does that just get reported as other income? 

 

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2 replies

dkh
dkh
Level 15
March 16, 2024

Able contributions are eligible for state credits so look on your state return for proper form to report contributions.     There is a possibility for a Retirement Savings Contribution Credit for the beneficiary of the Able account..... look at instructions for F8880.

 

     

T
Terry53029Intuit Community Champion
Intuit Community Champion
March 16, 2024

As DKH said Contributions aren't tax-deductible at the federal level, although some states may provide an income tax deduction for contributions made to an ABLE account.

as far as settlement on 1099MISC. see link.

https://www.irs.gov/government-entities/tax-implications-of-settlements-and-judgments#:~:text=Therefore%2C%20Forms%201099%2DMISC%20and,be%20issued%20for%20the%20attorney's

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